Whispering Corporation began 2020 with a $59,800 balance in the Deferred Tax Liability account At the end of 2020, the related cumulative temporary difference amounts to $455,000, and it will reverse evenly over the next 2 years Pretax accounting income for 2020 is $682,500, the tax rate for all years is 20 , and taxable income for 2020 is $526,500 Your answer is correct Compute income taxes payable for 2020 Income taxes payable $enter Income taxes payable in dollars SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is partially correct Try again Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020 (Credit account titles are automatically indented when amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter 0 for the amounts ) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Your answer is partially correct Try again Prepare the income tax expense section of the income statement for 2020 beginning with the line Income before income taxes (Enter negative amounts using either a negative sign preceding the number e g 45 or parentheses e g (45) ) Whispering Corporation Income Statement (Partial) choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 select an income statement item CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $enter a dollar amount select an opening section name CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues select an income statement item Current Deferred Dividends Expenses Income before Income Taxes Income Tax Expense Net Income (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues $enter a dollar amount select an income statement item Current Deferred Dividends Expenses Income before Income Taxes Income Tax Expense Net Income (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues enter a dollar amount enter a subtotal of the two previous amounts select a closing name for this statement CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues $enter a total net income or loss amount

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Whispering Corporation began 2020 with a $59,800 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts

Whispering Corporation began 2020 with a $59,800 balance in the Deferred Tax Liability account. At the end of 2020, the related cumulative temporary difference amounts to $455,000, and it will reverse evenly over the next 2 years. Pretax accounting income for 2020 is $682,500, the tax rate for all years is 20%, and taxable income for 2020 is $526,500.


	Your answer is correct.

Compute income taxes payable for 2020.

Income taxes payable

$enter Income taxes payable in dollars

SHOW LIST OF ACCOUNTS

LINK TO TEXT


	Your answer is partially correct. Try again.

Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

SHOW LIST OF ACCOUNTS

LINK TO TEXT


	Your answer is partially correct. Try again.

Prepare the income tax expense section of the income statement for 2020 beginning with the line Income before income taxes.. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Whispering Corporation Income Statement (Partial) choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
select an income statement item CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$enter a dollar amount
select an opening section name CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues
select an income statement item Current Deferred Dividends Expenses Income before Income Taxes Income Tax Expense Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues	$enter a dollar amount
select an income statement item Current Deferred Dividends Expenses Income before Income Taxes Income Tax Expense Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, December 31 Revenues Total Expenses Total Revenues	enter a dollar amount
		enter a subtotal of the two previous amounts
select a closing name for this statement CurrentDeferredDividendsExpensesIncome before Income TaxesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31RevenuesTotal ExpensesTotal Revenues		$enter a total net income or loss amount